Stock Traders Buy High Volume of TMC the metals Call Options (NASDAQ:TMC)

TMC the metals company Inc. (NASDAQ:TMC) was the target of some unusual options trading activity on Friday. Stock investors purchased 38,898 call options on the stock. This represents an increase of approximately 137% compared to the average daily volume of 16,433 call options.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the transaction, the director owned 193,346 shares in the company, valued at approximately $1,241,281.32. This represents a 9.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

A number of large investors have recently bought and sold shares of the company. Rathbones Group PLC purchased a new position in TMC the metals during the 1st quarter worth $144,000. Bank of America Corp DE raised its position in TMC the metals by 83.0% during the 1st quarter. Bank of America Corp DE now owns 150,600 shares of the company’s stock worth $703,000 after buying an additional 68,324 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in TMC the metals during the 1st quarter worth $66,000. Amundi raised its position in TMC the metals by 13.3% during the 1st quarter. Amundi now owns 44,186 shares of the company’s stock worth $206,000 after buying an additional 5,202 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in TMC the metals by 38.4% during the 1st quarter. California State Teachers Retirement System now owns 264,499 shares of the company’s stock worth $1,235,000 after buying an additional 73,365 shares during the last quarter. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Stock Up 5.8%

NASDAQ:TMC traded up $0.30 during trading hours on Friday, reaching $5.43. 10,120,068 shares of the company’s stock were exchanged, compared to its average volume of 7,036,090. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -6.87 and a beta of 1.99. The company has a 50-day moving average of $5.30 and a 200 day moving average of $6.13. TMC the metals has a 1-year low of $3.93 and a 1-year high of $11.35.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Research analysts forecast that TMC the metals will post -0.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TMC has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Wedbush increased their price target on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Maxim Group assumed coverage on shares of TMC the metals in a research note on Thursday, June 4th. They set a “buy” rating and a $10.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.58.

TMC the metals Company Profile

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.